Sunday, July 7, 2024

Unwanted Jewelry in High Demand as Gold Prices Soar

Joplin, MO (KSNF) — The price of precious metals, particularly gold, has surged significantly in recent years, with 2024 proving to be a strong year for gold values. In late May, gold prices reached a record high above $2,400 per troy ounce. Despite a recent dip to just over $2,310, experts like Eric Gerner, owner of Gold and Silver of Joplin, LLC, predict further increases, potentially reaching $2,651 by the end of the year.

“Gold has increased substantially over the last 50 years, but with the current state of our economy, the price has really taken off in the last 3 to 5 years,” said Gerner.

Silver has also experienced a rise in value, currently priced just over $29.00 per ounce, up from $24.00 a year ago. The ongoing upward trend in the prices of both gold and silver has spurred increased buying and selling activity.

“Business is very good because people want that hard asset — something to hold on to rather than the stock market and the problems that, at times, are associated with the stock market,” Gerner explained.

With gold prices reaching record highs, there is a significant opportunity for investors and individuals with unwanted or broken gold jewelry. Gerner advises that it’s an excellent time to sell off scrap jewelry, broken chains, and single earrings.

“It’s a good time to be selling off scrap jewelry, broken chains, single earrings, things like that,” Gerner said. “We sell everything we get our hands on in here. People are more or less using it like a hedge against inflation. As times get tougher, gold will always hold its value.”

Despite the recent peak in gold prices, Gerner believes it’s still a favorable time to invest in the precious metal. He emphasized the importance of gold as a layer of diversification in any investment portfolio.

“It’s not too late for people who want to get in and invest. It’s an important layer of diversification in any investment portfolio. It’s a good layer of protection,” Gerner noted.

As gold continues to be a valuable asset amidst economic uncertainties, both seasoned investors and newcomers are finding it a worthwhile addition to their financial strategies.

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